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U.S. futures jump, WorldCom WCOM.DE surges
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U.S. Market Report
Jul 23, 2002 04:55 AM
July 23, 2002 04:55 AM ET
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LONDON, July 23 (Reuters) - U.S. futures pointed to a sharply higher open on Tuesday, bolstered by news that long- distance telephone company WorldCom WCOM.DE had received court approval for $2 billion in funding to keep it operating.
September contract futures for the Dow Jones industrial average rose 140 points by 0843 GMT. The corresponding contract for the tech-heavy Nasdaq index was 8.5 points higher and the S&P 500 contract was indicated 11.7 points up.
The prospect of a higher U.S. open comes one day after the Dow fell below 8,000 for the first time since mid-October 1998.
WorldCom WCOEQ.O shares soared 50 percent to 21 euro cents in European trade as investors digested news that the extra funding could allow the company to stay in business while it undergoes a reorganisation that, if successful, could erase more than 75 percent of its debt.
